The Real Deal New York

WeWork says revenues will likely top $2.3B this year

Company is expanding rapidly backed by $4.4B SoftBank investment
February 18, 2018 12:00PM

Adam Neumann

WeWork expects revenues to top $2.3 billion this year, the New York Times reported.

The coworking startup is growing revenues quickly amid its rapid expansion to 20 countries and some 200,000 members.

And backed by a $4.4 billion investment from Japanese technology group SoftBank, the company is expanding services into areas like gyms and a kindergarten school.

But not all investors are entirely gung-ho on the idea that WeWork would stray from its core business of leasing desks to office workers.

“I’ve made that argument,” said WeWork board member Bruce Dunlevie, a  partner at the venture capital firm Benchmark. But, he added, “great entrepreneurs like Adam don’t listen to guys like me.”

Company cofounder Adam Neuman last summer said the company was working toward hitting $1 billion in revenues, and confirmed that the company plans to go public, but did not give a timeline. [NYT] — Rich Bockmann